US to hold $130 million of military aid to Egypt over human rights issues
September 15, 2021, 4:46 am

US to hold $130 million of military aid to Egypt over human rights issues

Flags-US-Egypt

The National Post reported according to Reuters, two sources, including a U.S. official, said on Tuesday that the Biden administration will withhold $130 million worth of military aid to Egypt to pressure its Arab ally to improve its human rights record

According to report, Secretary of State Antony Blinken’s move will be a break with his predecessors’ policy of overriding a congressional check on military aid to Egypt.

In the past, an exception was granted to free up $300 million in Foreign Military Financing for Abdel Fattah Al-Sisi’s government on the basis that it was in the interest of U.S. national security.

But rights groups, which had called on the administration to block the entire $300 million aid, expressed disappointment at the decision, saying it was a “betrayal” of the U.S. commitment to promote human rights.

A U.S. official speaking on the condition of anonymity said the administration would approve the $170 million but would put a hold on the remaining $130 million, making that available in future fiscal years if Egypt improves its record.

“What the Biden administration has really done is waive the minimal human rights conditions imposed by Congress on a fraction of U.S. aid, while keeping a small portion of $130M blocked on even more watered down conditions,” said Sarah Leah Witson, executive director of advocacy group Democracy for the Arab World Now (DAWN).

The United States has provided around $1.3 billion in foreign assistance to Egypt annually since the 2017 fiscal year, according to a congressional research report.

Sisi, who ousted the Muslim Brotherhood in 2013, has overseen a crackdown on dissent that has tightened in recent years. He denies there are political prisoners in Egypt and says stability and security are paramount.

President Joe Biden has pledged to put human rights at the heart of his foreign policy and rights advocates have pushed Washington to get tougher on Sisi, even though ties with Egypt have improved after Cairo’s mediation to help end hostilities in April between Israel and Hamas militants.

“If the administration’s dedication to human rights were sincere, this decision would have been simple: withhold the $300 million in military aid as conditioned by Congress to incentivize al-Sisi to change course,” said a joint statement from nearly two dozen rights groups, including Human Rights Watch and Amnesty International.

Criticism from rights groups on Biden’s commitment to promote rights and freedoms worldwide is not limited to Egypt.

They say while his increased emphasis on the issue is an improvement from the position of his predecessor Donald Trump – who praised authoritarian leaders, including Russian President Vladimir Putin – Biden has so far refrained from impactful action.

Sources said a formal announcement on the Egypt decision could come later this week.

A State Department spokesperson did not immediately respond to a request for comment. Politico reported the move late on Monday.

Source: nationalpost

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.